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Income Taxes
6 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
 
The Company’s income tax expense was $23.9 million and $38.8 million for the three and six months ended June 30, 2015, respectively, compared to $20.2 million and $34.8 million for the three and six months ended June 30, 2014, respectively. Its provision for income tax presented an overall effective income tax expense rate of 36.0 percent for the three and six months ended June 30, 2015, compared to 38.6 percent and 38.5 percent for the three and six months ended June 30, 2014, respectively. The change in the overall effective income tax rate for 2015 from 2014 was primarily due to the tax benefit that resulted from the domestic production activities deduction.
 
Based on an evaluation of positive and negative evidence regarding the Company’s ability to realize its deferred tax assets and in accordance with ASC No. 740 (“ASC 740”), “Income Taxes,” the Company had net deferred tax assets of $84.4 million and $91.8 million at June 30, 2015 and December 31, 2014, respectively, with no valuation allowance against these assets. Given that the accounting for deferred taxes is based upon estimates of future results, differences between the anticipated and actual outcomes of these future results could have a material impact on the Company’s consolidated results of operations or financial position. Also, changes in existing federal and state tax laws and tax rates could affect future tax results and any valuation allowance against the Company’s deferred tax assets.
 
Deferred tax assets are recognized for estimated tax effects that are attributable to deductible temporary differences and tax carryforwards related to tax credits and NOLs. They are realized when existing temporary differences are carried back to a profitable year(s) and/or carried forward to a future year(s) having taxable income. Deferred tax assets are reduced by a valuation allowance if an assessment of their components indicates that it is more likely than not that all or some portion of these assets will not be realized. In the assessment for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses; actual earnings; forecasts of future earnings; the duration of statutory carryforward periods; the Company’s experience with NOL carryforwards not expiring unused; and tax planning alternatives. For federal purposes, NOLs can be carried forward 20 years; for state purposes, they can generally be carried forward 10 to 20 years, depending on the taxing jurisdiction. As of December 31, 2014, the Company fully utilized its federal NOL carryforwards. The Company has other federal carryforwards primarily composed of federal tax credits that can be carried forward 20 years and that have expiration dates beginning in 2029. The Company anticipates full utilization of these tax credits.